Here Are Some Things You Need To Consider When Applying For A Car Loan

Most of us require to apply for a loan in order to become the owner of a car. So, if you are looking to buy a car but don't know how to apply for a car loan, here is your extremely simple guide to it.

Aishwarya DharniUpdated: Sep 23, 2021, 15:33 IST
3 min read
Indiatimes

Buying a car requires a lot of research and for good reason. It is, after all, the second-most expensive asset to own after property in our country, not to forget the comfort it brings to you and your family.

However, not everyone can pay the full amount for a car and buy it upfront. Most of us require a loan in order to do so. So, if you are looking to buy a car but don't know how to apply for a car loan, here is a simple guide to help you.

car Unsplash


1. Look for the right deal

There are a lot of things to consider when selecting a car: the model, the dealership you are buying it from and any deals that come with it. It is of vital importance to find the right and best deal while buying a car because why pay more for something you can easily save some money on?

One needs to understand all the costs and charges; pay special attention to details like processing dee, prepayment charges and type of interest. Most banks have listings of cars from reputed dealers available on their websites which can help you make a well-informed decision before buying a car. Research. Compare.

Also read: 8 Ways The Indian Millennial Can Manage Money Better

car Unsplash

2. Know your car's eligibility

If you are planning on buying a pre-owned car, make sure you know that your bank will finance it. Banks have different eligibility criteria when it comes to band new or used cars. A car's eligibility is evaluated for a loan depending on its age, model and condition.

3. Get in touch with the bank you're already a customer with

Getting a car loan from a bank you already have a relationship with is a good idea as it can save you ample amount of time and money. Banks have special offers for their existing customers which can prove to be extremely helpful.

bank TOI

4. Check your credit score

You need a good credit score to apply for any type of loan and that goes for a car loan as well. The better your credit score, the higher the loan amount you are eligible for.

Also read: These Apps Can Help You Save, Make And Invest Money!

5. Decide on the best amount

Make sure you are well-aware of factors like if the loan is being offered against the on-road price or ex-showroom price. These things make a lot of difference to the amount of car loan you get approved for. Make sure you talk to your banker about this at length and understand every little detail about the loan. Always try to close a deal which will require you to get the lowest down payment.

car TOI

With these simple steps, getting the car of your dreams won't remain a dream.

Facebook illustration: Ranak Mann

Also read: Smart Money Moves To Make In Your 20s & Invest In Your Future

23/11/2024 11:25:14
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